new car Archives - My Car Credit

Car Finance or Personal Loan – Which is Best for You?

Couple comparing Personal Loan and Car Finance

Millions of new and used vehicles are purchased using finance every year in the UK. When securing funds, most motorists choose between two popular options – car finance or personal loan. Both are designed to get you behind the wheel of your dream car, though each option has its own pros and cons.

Car finance: options and ownership

Car finance is an umbrella term used to describe several types of auto loans, including options like Hire Purchase (HP), Personal Contract Purchase (PCP), Personal Contract Hire (PCH) and Conditional Sale. Each option is slightly different in terms of deposits, monthly payments, legal ownership and end-of-term options.

Pros of car finance:

Lower initial costs: Initial deposits are generally lower for car finance, compared to purchasing a vehicle outright. This can be an advantage if you want to retain capital and keep your upfront expenses as low as possible.

Flexibility in ownership:

What’s more flexible, car finance or loan? Depending on the type of agreement, car finance generally offers options at the end of the term, including owning the car outright or upgrading to a new model.

Access to new models: Car finance options like Personal Contract Hire are designed to get you into the driver’s seats of the latest models. The chance to drive newer or more expensive models that may otherwise be outside your budget is a major benefit for some motorists.

Maintenance included: Some car finance options include maintenance packages which takes the stress out of ownership.

Cons of car finance:

Monthly payments: While monthly payments may be lower, they accumulate interest over time which can increase the total cost of your loan.

Ownership delays: With some car finance options, you don’t own the car outright until the final payment is made. This can be an important factor when deciding between car finance or personal loan.

Personal loan: simple and straightforward

A personal loan sees you borrow the full amount needed to purchase a car outright. You drive away as the legal owner of the vehicle and make monthly repayments to your lender to cover the cost of the loan, plus interest.

Pros of personal loans:

Instant ownership: With a personal loan, you own the car from day one. For many motorists, this makes the car finance or loan decision easy.

No mileage restrictions: Unlike some car finance agreements which come with mileage restrictions, personal loans give you the freedom to drive as much as you like without worrying about penalties.

Cons of personal loans:

Higher interest rates: Unless you have a stellar credit score, personal loans can come with higher interest rates compared to some car finance options.

Strict eligibility criteria: Securing a personal loan generally requires a good credit score, and eligibility criteria can be more stringent.

Higher initial costs: Personal loans often call for larger upfront payments.

Enjoy tailored auto finance with My Car Credit

Need help deciding between car finance or loan? Want to find out if car finance is easier to get than a loan?

At My Car Credit, we appreciate that every motorist is unique. That’s why we work with every client to build tailored financing solutions to match your budget, personal preferences and ownership goals.

Give us a call on 01246 458 810 to find out more about car finance options or email us at enquiries@mycarcredit.co.uk.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

What is a Conditional Sale for a Car?

While prices have dropped a little in 2023, the average cost of a new small car in the UK sits at more than £21,000. Opt for larger models and RRP increases significantly. Combined with issues like inflated petrol prices and the cost of living crisis, this figure puts car ownership out of reach of most motorists. With many Brits feeling the pinch, it’s no wonder auto finance options like conditional sale have surged in popularity over recent years.

There’s plenty to learn when it comes to car finance and conditional sale is one of many terms you may recognise. But what is a conditional sale exactly and how can it help you secure the keys to your dream car? Read on as we dissect everything you need to know about conditional sales, including how agreements work, the benefits and what to expect when signing a contract.

Understanding the basics of conditional sale

What is a conditional sale and how can it help you own your own car? The term describes a popular finance model that allows you to spread the cost of car ownership over a set time period, usually between two to five years. It’s essentially a personal loan that’s secured against the vehicle and funded by a lender. The finance provider pays for the car outright and maintains legal ownership of the vehicle for the duration of the contract.

As the borrower, you make regular repayments to the lender which cover the total cost of the car, plus interest accrued over time. After making your final payment, ownership of the vehicle is transferred to you. The model is straightforward and transparent, making conditional sale a great option for Brits who like to keep things simple. It offers a direct route to ownership without complications like mileage limits, wear and tear penalties or options to return the car or renew the contract at the end of the agreement.

Whether you’re looking at compact urban commuters like the Ford Fiesta or spacious, family-friendly SUVs like the Hyundai Tucson, Conditional Sale can be used to finance a huge range of makes and models. This flexibility is another key benefit associated with conditional sales.

Conditional sale vs hire purchase

What is a conditional sale agreement and how does it compare to hire purchase? If you’re familiar with the car finance landscape, you may draw comparisons with conditional sale and hire purchase (HP). And you’d be absolutely right. Conditional sale and HP share similarities and work in almost the same way, though there’s one major difference.

When a HP agreement winds up, you’ll need to pay a modest “option to purchase” fee to assume legal ownership of the vehicle. In comparison, conditional sale sees you automatically assume ownership after the final payment is made.

How conditional sale works

Now we’ve covered what a conditional sale agreement is, here’s a step-by-step breakdown of how the process works:

Choose your make and model

Like other auto finance options, conditional sale starts with choosing your dream car. Whether it’s a fresh out the showroom model or a used gem with low mileage and a great service history, conditional sale offers the flexibility to choose a vehicle that suits your personal budget, lifestyle and driving preferences.

Agree on terms

When you’ve chosen your new set of wheels, it’s time to agree on the terms of your conditional sale contract. This includes the duration of the agreement, along with your interest rate.

Make your deposit

Most conditional sale agreements start with an initial deposit designed to offset the total cost of the car. Keep in mind that your deposit can also help bring down your monthly payments and reduce the total amount of interest paid over the duration of the agreement.

Pay monthly instalments

The remaining balance of your car loan, minus your initial deposit, is split into fixed monthly payments. These payments cover both the principal loan amount as well as interest. For many Brits, the sense of financial stability that comes with conditional sale contracts is a major benefit.

Claim ownership

Unlike some auto finance options where you may have to return the vehicle or make a balloon payment at the end of the contract, conditional sale is all about easy ownership. After the final payment is made, you’re officially the legal owner of the car.

Why choose conditional sale?

Knowing what a conditional sale is gives you a few clues as to why it’s so popular with British motorists. Here’s a closer look at some of the top benefits:

A road to ownership

Ownership is the end goal of conditional sale contracts. Your payments cover the cost of the car which means you’re continually working towards ownership. There are no mileage restrictions, hidden costs or headache-inducing calculations to navigate. Instead, simply make your final payment and drive away as the legal owner of the vehicle.

No balloon payments

For many motorists the concept of balloon payments used in models like PCP can be frustrating. In contrast, conditional sale distributes the total cost of the car evenly over a pre-determined time period. This can make budgeting more predictable and means you’ll enjoy full ownership at the end of the lease.

Mileage flexibility

Conditional sale liberates you from the mileage caps that typically accompany PCP agreements. You’re free to drive as much as you like without worrying about breaking the terms of your contract and incurring penalties.

Customisation options

With full ownership, you have the freedom to modify your vehicle as you please. Whether it’s a unique paint job, upgraded tech or personalised accessories, the car is yours to customise.

Take the wheel with My Car Credit

Ready to get behind the wheel? My Car Credit can help you secure the best conditional sale deals, tailored to your personal needs. Our friendly team is here to answer all your questions about what a conditional sale is, provide guidance and ensure your road to car ownership is as smooth and stress-free as possible.

Looking for something different? At My Car Credit we specialise in matching clients with the best auto finance options for their needs. Every motorist is different which is why a one-size-fits-all approach never cuts it. Instead, we carefully assess every application to find the perfect match.

As well as conditional sale, we offer other popular car finance options like Hire Purchase (HP), Personal Contract Purchase (PCP) and Personal Contract Hire (PCH). It’s this open-minded approach, combined with access to a wide range of high street and non-traditional lenders, that gives us a competitive edge over other brokers.

Give us a call on 01246 458 810 to find out more or email us at enquiries@mycarcredit.co.uk.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

No Deposit Car Finance – How Does it Work?

How Long Does It Take to Buy a Car?

Is There a Maximum Age Limit for Car Finance?

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

car finance conditional sale credit score Jan24 lenders new car used car

What is Hire Purchase? – Simple HP Explanation

Someone reseacrching what Hire Purchase is on a phone

Whether you’re eyeing a brand-new Nissan Qashqai or a used Volkswagen Golf, hire purchase (HP) is one of the most popular auto financing options in the UK, up there with personal contract purchase (PCP). The model allows you to spread out the cost of car ownership over time and secure the keys to your dream car, without hefty upfront costs.

You’ve probably come across the term when researching automotive finance options. But what is hire purchase exactly, and how does it pave the way to affordable, stress-free car ownership? In this guide, we’ll unpack everything you need to know about hire purchase, breaking down all the moving parts so you can navigate the auto finance landscape with confidence.

Hire purchase explanation

Hire purchase is a finance option that combines the benefits of car ownership with the practicality, affordability and predictability of structured payments. It’s one of the simplest types of auto finance and spreads out the cost of the car, plus interest, over a set period of time, usually between one to five years.

Think of it as a well-planned road trip. You get to enjoy the ride but instead of absorbing the entire journey cost upfront, it’s broken down into manageable pit stops, i.e. monthly payments.

How HP agreements work:

Choose your car

This is the fun part and involves researching vehicles, scheduling test drives and choosing your dream car. It’s always a good idea to crunch your number before you start the search to get an idea of how far your budget will stretch and what types of vehicles you can realistically consider.

Make an initial down payment

Most HP agreements start with a down payment, though this isn’t always essential. That said, it’s generally in your best interest to make an initial deposit as it will help bring down your total loan balance and minimise your monthly payments, as well as interest costs. If you already own a car, trade ins can be a great way to raise cash for a deposit.

Monthly instalments

After making a deposit, the remaining cost of the car is spread out across fixed monthly instalments. These payments cover both the cost of the car and interest applied by the lender.

Ownership

Unlike personal contract hire (PCH) where you hand back the keys at the end of the agreement, hire purchase steers you towards full ownership. Once the final payment is made, the car becomes yours outright.

Hire purchase explained: a closer look at the benefits

Easy, affordable and predictable, it’s no wonder HP is one of the most popular auto finance options in the UK. Here’s a little more information to help explain what hire purchase is and why the model wins over so many Brits:

Budget-friendly beginnings

Thanks to affordable down payments, hire purchase allows you to kickstart your car ownership journey without depleting your savings. This sets you up for success on the road to car ownership.

Predictable payments

Monthly HP instalments are fixed which makes budgeting easy. No surprise expenses, just predictable monthly payments.

A road to ownership

One of the top benefits of hire purchase is the option to own at the end of the agreement. After your contract has expired, the car is yours to keep.

Flexibility

Whether you’re eyeing a zippy commuter, sleek convertible or family-friendly SUV, hire purchase offers loads of flexibility when it comes to makes and models. You’re free to choose a vehicle that best suits your budget, lifestyle and driving preferences.

New or used

Can you use hire purchase for a used car? Absolutely! As well as the flexibility to choose different makes and models, HP agreements offer the freedom to finance new or used vehicles. Auto finance isn’t just for showroom cars. Analysts estimate a huge 1.5 million used cars were financed by British motorists in 2023, with agreements worth £23 billion. The trend is set to continue in 2024 as Brits continue to use HP agreements to fund used car purchases.

Factors to consider when opting for Hire Purchase

Now you know more about what hire purchase is and how the model works, let’s take a closer look at some important factors to consider before committing to an agreement.

Understand interest rates

Like any financial agreement, it’s important to understand the interest rates applied to your hire purchase deal. Over time they will have a big impact on the total cost of your loan.

Evaluate your budget

While hire purchase makes car ownership accessible, it’s essential to carefully evaluate your budget before committing. Crunch your numbers to ensure your monthly instalments align with your financial situation.

Check for early repayment options

Some HP agreements allow for early repayment, an option that can potentially reduce the overall cost of your loan.

Factor in depreciation

All cars depreciate over time and vehicles financed using HP are no exception. Be sure to factor this into your decision making process if the value of the car at the end of your HP agreement is important.

Start your journey to ownership with My Car Credit

If ownership is your ultimate goal, hire purchase could be your ticket to ride. As covered in our hire purchase explained guide, the format is easy to understand and offers lots of flexibility when it comes to makes and models. Plus, you’ll enjoy the stability of structured payments which takes the stress out of budgeting.

At My Car Credit, we’re committed to helping Brits secure the best auto finance deals, including Hire Purchase agreements. Contact us today to find out more about how to qualify for HP finance and kickstart your journey to car ownership. Our friendly team is always happy to chat, answer questions and give you the full hire purchase explanation.

As well as hire purchase, we specialise in industry-leading deals on other car finance options, including popular models like personal contract purchase (PCP) and personal contract hire (PCH).

Give us a call on 01246 458 810 or email us at enquiries@mycarcredit.co.uk to find our more.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

What’s the Cheapest Way to Finance a Car?

What is a Balloon Payment on a Car Loan?

How Does Auto Finance Work?

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

car finance credit score hire purchase hp Jan24 lenders new car used car

Why is the Fiat Panda so popular with drivers?

When it comes to reliable small cars, there are any number to choose from. From the Hyundai i10 and Kia Picanto through to the Ford Fiesta and VW Polo, the market is flooded with practical, affordable cars.

One enduringly popular competitor in the field is the Fiat Panda. It’s a great all-rounder that’s also pretty cheap to run and ideal for nipping around urban spaces.

So, why is the Fiat Panda so popular with drivers? We find out …

Fiat Panda – the specs

Affordability

There’s no arguing with the facts – the Fiat Panda is resolutely affordable. Admittedly, that means that the standard spec is pretty spare, with items like power steering, six airbags, and central locking included. Whilst this doesn’t stand up to some rivals on the market, if you’re looking for a car that won’t break the budget, it’s hard to argue with the Fiat Panda.

Not only is the car affordable, it’s also pretty cheap to run. The standard Panda sits in between insurance group ratings 3 and 6, so you’ll snag wallet-friendly coverage. It also depreciates slowly over time, which is something to consider if you’re planning to pop it on the resell market.

Great for urban centres

The Panda’s engine is now a TwinAir model, with 84bhp and a range of 0 to 62mph in 12.7 seconds. It also has a high driving position for great all-round visibility, as well as soft suspension for managing bumpy roads. Plus, there’s a ‘city button’, which makes steering light and easy and makes both parking and cramped manoeuvring easier.

This means that it’s a super urban vehicle, but don’t expect the car to manage long or fast motorway trips. You’ll have to work the gearbox – and you’ll notice road and wind noise at 70mph. Alternatives like the Hyundai i10 or VW Up! are far better options if you’re looking for a drive that can tackle long, fast journeys with greater ease.

Design

The Panda’s aesthetics are on the funkier side, but there’s no drawback to having a car with personality. The body design is based on Fiat’s ‘squircle’ theme (squared-off circles), which informs the interiors too.

The trim can feel a little cheap and plastic, but the Panda is renowned for its affordability, so you get what you pay for. It also comes in a range of colours – the Italian blue is particularly eye-catching.

Practicality

The Panda is a little boxy in appearance and has a high roofline. This helps with visibility, as well as overall head and leg room. The cabin is therefore pretty comfortable for four adults, but the boot is on the smaller side, with a 225-litre capacity.

It’s not going to blow you away, but it’s still a respectable small car that offers more by way of comfort than you’d expect.

Find car finance for a Fiat Panda

Get behind the wheel of a Panda today with financing from My Car Credit – we can even help drivers looking for car finance with a poor credit rating.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

How Quickly Can You Buy a Car?

5 Best Car Picks for Elderly Drivers

What’s the Best Month to Buy a Car?

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

car finance Fiat new car panda used car

Can You Pre-Order a Car?

Black and white new cars outside factory

According to a recent report by cars.com, some 41% of surveyed shoppers plan to pre-order their next vehicle. With the rise in digital shopping habits, automakers are streamlining the process of pre-ordering cars, allowing customers to pre-order and purchase vehicles according to their preferences. In fact, Tesla has been enabling customers to pre-order their vehicles online for years, with wait times of over a year not uncommon.

There are benefits to pre-ordering a car, but there can also be some drawbacks, too, as this article will outline.

Why pre-order a car?

When you pre-order a car, you’ll be doing so via a dealer, and will be able to customise your choice of vehicle according to the make and model, as well as specifying any accessories or trim that you want.

This has the advantage of making you less likely to pay for features that you don’t want in your car, which might result in some serious savings for you. It also means that you’re getting exactly what you want in your new wheels.

Depending on the dealer, you’ll typically put down a deposit – this can either be a partial amount or in-full. Once your pre-ordered vehicle is ready, it will be delivered to the dealer – or even sometimes to a location of your choosing – for you to collect.

Similarly, thanks to endlessly improving technology, the process of pre-ordering a car can save you significant time and effort. You don’t have to shop around, and can streamline and refine your search. Manufacturer websites are designed to make the process as appealing and interactive as possible, helping you to visualise what you want and specify what you don’t.

What are the drawbacks?

Whilst it may sound like pre-ordering a car has serious appeal, there are potential drawbacks.

Many brands like Ford and BMW allow you to pre-order a vehicle, but not all of them do. You could then be waiting for an extended period of time – even years – for your new vehicle to appear. If you’re waiting to trade in your current car in the meantime, it may well depreciate in value as a result of this wait.

It’s always worth establishing whether any deposit that you may put down on a pre-ordered vehicle is refundable if you should change your mind. Similarly, whilst you may be able to secure dealer finance on a pre-ordered car, you won’t be able to take advantage of various alternative car finance deals, which can leave you vulnerable to limited interest rates and overall terms.

Hit the road with car finance

If you’re looking for a fresh set of wheels and don’t want to wait for the long turnarounds of pre-ordered cars, you can still take advantage of a suite of modern makes and models. Plus, you’ll be able to make the most of a car finance calculator to gauge what kind of finance agreement you can take out to pay for the car too.

My Car Credit can help with this – contact us on enquiries@mycarcredit.co.uk to find out how.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

How Quickly Can You Buy a Car?

5 Best Car Picks for Elderly Drivers

What’s the Best Month to Buy a Car?

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

car finance car finance options new car pre-order used car buying used cars

Should I Buy a BMW Used or New?

When it comes to prestige, nothing compares to BMW. The Bavarian-based auto manufacturer is synonymous with luxury and has launched a myriad of iconic models over the decades, including the high-tech 750iL driven by James Bond. One of the biggest decisions you’ll make when shopping for a BMW is whether to buy new or used. There are a lot of factors at play, which is why we’ve penned this insider’s guide to help you decide, “should I buy a used BMW or splurge on a new model?”

The pros of buying a new BMW

Enjoy the latest bells and whistles

If you’re the kind of person who loves to get their hands on the latest iPhone the day it’s released, you’ll love the satisfaction of getting behind the wheel of a new BMW. Driving out the dealership, you’ll have access to all the latest technology, safety features and luxe extras.

For example, the latest BMW 8 Series Coupé is packed with innovative technology to enhance the driver experience and on-road performance. As well as standard features, you’ll have the option to upgrade to exclusive extras like a Bowers & Wilkins Diamond surround sound system. These are the kinds of perks you just won’t get buying second-hand.

“Should I buy a BMW with an electric motor?” If you’re in the market for an electric BMW, buying new guarantees the latest battery technology. Buy new and you’ll enjoy longer range, faster charge times and a smoother driving experience.

Peace of mind with a new vehicle warranty

Manufacturer warranties usually last for between 6 to 12 months and cover almost all servicing, repairs and maintenance. So, in the first year of ownership you can expect to pay very little when it comes to upkeep.

Savour that “new-car smell”

The intoxicating aroma of freshly-oiled leather, squeaky clean plastic and fresh upholstery is something that comes with all new BMWs.

The pros of buying a used BMW

Unlock big savings

“Should I buy a used BMW?” Value for money is one of the biggest pros of purchasing a used BMW. Cars depreciate in value from the moment they’re driven out the dealership, which means you can unlock big savings by opting for a BMW that’s a few years old.

Enjoy the same features

Many motorists choose to buy new to secure the latest features and tech. However, many manufacturers launch virtually the same model for several years in a row as it’s simply not possible to make big upgrades every year. After a “run” of three or four years, the model will undergo a full revamp and be relaunched with a new exterior, interior, engine and novel features. Are you asking yourself, “should I buy a used BMW if I love the latest tech?” Well, if you do your research and buy a model at the start of its multiyear run, you won’t be missing out on much for the next few years.

Take advantage of the Approved Used BMW scheme

The Approved Used BMW scheme takes the stress out of buying a new car with a laundry list of benefits. Vehicles accepted into the program enjoy comprehensive manufacturer protection, including an unlimited mileage BMW warranty for a minimum of 12 months. This includes any work that needs to be done for the vehicle to pass a MOT test. Every vehicle is also independently checked by qualified BMW mechanics to verify mileage and servicing history.

The much-loved BMW 3 Series

“Should I buy a used BMW from the 3 Series range?” BMW 3 Series models have been delighting drivers for more than 40 years. It all started with the BMW E21, a sporty, compact executive car launched in the 1970s. The second-generation E30 enjoyed similar success, selling more than 2.3 million units. Since then, the BMW 3 Series has maintained its reputation for luxury and prestige. With decades of different models to choose from, it’s no surprise BMW 3 Series models are hugely popular with second-hand buyers.

If you’re looking to buy new, the Seventh Generation BMW G20 launched in 2019 is a great option. It was unveiled at the Paris Motor Show and features a streamlined silhouette and state-of-the-art driver assistance systems. The model has been around for several years now, which means there’s a good amount of availability on the second-hand market.

The Sixth Generation F30 is another gold-standard choice when it comes to pre-owned BMWs. This model was launched in 2011 and manufactured right up to 2019, which means you’ll see some big age variations on the second-hand market. “Should I buy a BMW F30 more than 10 years old?” As always, it’s worth doing your homework when it comes to servicing history, especially if you’re looking at older models.

Teach an old BMW new tricks

“Should I buy a used BMW if I want extras like a heated steering wheel?” Thanks to a brand-new subscription service, it’s never been easier to customise your second-hand BMW. The manufacturer made headlines earlier this month with the launch of a subscription service for extra features. Using the ConnectedDrive Portal, motorists can unlock certain features that weren’t activated when the car was purchased.

For example, heated front seats can be purchased for £15 per month, while a heated steering wheel sets drivers back £10 per month. For another £10 per month, you can also activate automatic high beams, while access to Driving Assistant Plus active cruise control costs £35 per month. The manufacturer revealed that many models already have the hardware built in, it’s simply a matter of activating it.

The service is particularly useful for second-hand car owners, who may want to add extra features the previous owner didn’t splurge on. BMW also says the subscription model allows drivers to “experiment” with different features and decide whether they’re worthwhile before they purchase them outright.

Get into the cockpit of a BMW today

“Should I buy a BMW?” Absolutely. Whether you’re in the market for a pre-loved BMW i3 or a sleek new BMW 8 Series Convertible, we can help you to find the perfect car finance to get you into the driver’s seat of your dream car.

Our car finance checker makes it easy to crunch the numbers, without affecting your credit score. The process is quick, easy and allows you to shop around for the best BMW car finance deals before making a decision. For more details, get in touch with our friendly team today.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

How Quickly Can You Buy a Car?

5 Best Car Picks for Elderly Drivers

What’s the Best Month to Buy a Car?

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

3 series bmw new car new vs used car used car

Should I Keep My Car Until It Dies?

Purchasing a car is expensive, which is why people can opt to drive vehicles into the ground before upgrading. But if your car is on its way out, is it worth persevering until it dies?

Should I keep my car until it dies?

There’s no simple answer to this question. Whether or not you should keep your car until it dies is entirely dependent on your circumstances, as well as these factors:

Fuel

Many modern cars are far more fuel efficient than their older counterparts. A good rule of thumb is to assume that a fuel efficient car will cover 50 to 60 miles per gallon. If your vehicle is significantly below that and you regularly make long journeys, then there will likely be upgrades that you could make to save yourself serious cash – particularly given rising inflation and cost of living. In this case, it may be time to consider whether it’s worth trading in your old car for a more efficient one.

Repairs

If you’re regularly paying more on repairs than the car is worth, this is similar to being in negative equity, and it’s probably worth reconsidering whether or not the vehicle is worth keeping.

Your finances

If you’re asking yourself, “Should I keep my car until it dies?”, you should consider your financial situation carefully. You may not be financially able to purchase a new vehicle, particularly if your credit score is poor.

But there are ways of securing car finance that’s affordable and accessible. In fact, My Car Credit can work with drivers looking for car finance with a poor credit rating, and will help you to find a deal that suits your needs.

Find your dream car finance today

If you’ve got questions about how to secure affordable car finance, contact My Car Credit on enquiries@mycarcredit.co.uk. Our friendly team is on hand to address any concerns and answer any questions you may have.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

How Much Car Finance Do I Qualify For?

How Does Auto Finance Work?

Balloon Payments Explained: What, Why & How

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

credit rating credit score fuel efficient new car old car repairs

What is the Best Way to Finance a New Car?

Red headed lady on laptop looking for the best way to finance a car

What’s the best way to finance a new car? If you don’t quite have the funds to buy a new car outright, you’ll be asking yourself this very question. In truth, there are several options, so it’s important to find the one that’s best for you.

Read on as we look at four of the best ways to fund your big purchase. But first…

Why would you finance a new car?

Whether it’s the fresh smell of the interior or the flawless touch of the steering wheel for the first time – nothing beats that new car feeling. While the most obvious way to pay for a new car is using your savings, not all of us have all of the funds needed up front.

Even for those who do have some savings put aside, it’s not always the best route. You might prefer to keep your savings for a rainy day and pay for the car gradually over time. That’s where car finance comes in. Financing a new car essentially means borrowing money so you’re able to afford a new car, then paying it back once you’ve got your new wheels.

Popular ways to finance a new car

Whether it’s brand new or just new to you, there are actually a number of ways to afford a new car. Here are some of the most popular:

1. Bank loan

When you need money, it’s only logical that many people’s first stop is the bank. While it works for some people, this option could be a bit too long-winded for some of the more eager drivers out there.

After a face-to-face meeting to discuss your loan, the bank will ask for seemingly endless documents to get your application sorted. They’ll also perform a full credit check, which could damage your credit score.

2. Car finance through the dealership

Another option is to get car finance directly through a dealership, which has two possibilities:

Hire purchase – After paying a deposit of typically around 10%, you’ll make monthly repayments until the car has been fully paid off.
Personal contract purchase – Alternatively, you can pay lower monthly instalments, leaving a final (larger) balloon payment at the end of the contract.

On the face of it, this seems very convenient. After all, you’d only have to make one stop when you’re buying your new car. However, like a bank, many of these dealerships will also do a hard credit check, which could put a dent in your credit score.

On top of that, because you’re borrowing directly from the dealership, the car isn’t technically yours until the full loan is repaid. For some, that can put a serious blemish on the ‘new car feeling’. In some cases, dealerships will also enforce an annual mileage limit or stop you making any modifications to your vehicle as you don’t technically own it.

3. Personal loan

Maybe you know someone who’s got a bit of spare cash, that could help you afford a new car. This option has clear advantages. Borrowing off a friend or family member usually means no interest – and even the most scrupulous relative or friend isn’t likely to perform a hard credit check.

However, ask anyone who’s gone down this route, and they’ll likely warn you off. Aside from feeling like a burden, borrowing off someone you know means you’ll constantly be in their debt. Enjoy giving them lifts everywhere…

If you’re ever late in paying or can’t repay them, you could even see your relationship ruined completely. It’s just not worth it when there are other ways to finance a new car.

4. Online car finance

One of the best ways to finance a new car is with online car finance. You can arrange your car finance before you’ve even found your car, then simply choose the car you want from any car dealer. Rather than borrowing directly from the dealer and paying them off gradually, the money will be transferred immediately to them so your car is completely yours the day you buy it.

There’s no hard credit check, meaning no impact on your credit score – and there’s much more flexibility for applicants with poor credit scores, who might be rejected by banks or car dealerships.

Car credit made easy

At My Car Credit, we want to make it easy for drivers to be able to afford a new car. Using our online loan calculator, you can get an instant estimation for your car finance based on the price, repayment duration and a rough idea of your credit score.

Based on the result, you can then choose to apply for finance or give it a miss – there’s no obligation either way. Best of all, there’s no impact on your credit score.

If you have a poor credit history, don’t worry – we can help with a bad credit finance too. Give it a try today to take the first steps towards that new car feeling!

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

Who Are Cazoo and Should I Buy a Car from Them?

How Do Balloon Payments Work?

Buying a Used Car on Finance to Avoid Public Transport

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

bank loan car finance dealership Jan24 new car online car finance

Our Guide to Selecting a New Car

Alloy wheel Subaru car for sale in used car dealership

Your car is something you’ll come to rely upon near-enough every day for several years, so buying a new model is a big commitment. There is a vast range of options available on the market today and, as long as you know what you’re looking for, it should be a fun and exciting experience. We’ve designed this guide with all the information you’ll need to put you in the (right) driving seat!

Do I need a new car?

This is the first thing you should ask yourself. Put simply, new cars are expensive and you need to be sure that you’re buying it for a reason. Buying a new model is an investment, so you need to make sure that you’re prepared to have the car for some years to validate your purchase. This is mainly since the car depreciates in value considerably within its first few years. However, the warranties and surety of quality that you get with a new car are often seen as good reasons for purchasing.

What car should I buy?

Ultimately your car should be suited to your circumstances. Here are some crucial factors to consider:

Usage: Your mileage is the most important thing to consider when you buy a new car. If you know your mileage is going to be high, a fuel-efficient model is the priority. You may also want to consider a slightly larger engine. On the other hand, if your mileage is lower (e.g. for driving around town) then a smaller model will be cheaper and more appropriate to your needs.

Number of seats: If you have four regular passengers in the car, a two-seater is immediately ruled out. On the other hand, a seven-seater would be excessive. You ultimately need to consider the comfort of your passengers as well yourself.

Boot space: Many people see a larger boot as being a priority exclusively to families. However, this is not true. It’s important to consider how much you travel and hobbies that require equipment too.

What other factors are there?

There are various immediate practicalities when you buy a new car (i.e. number of seats, car type) but there are also some long-lasting factors you should consider:

Fuel: You may love all the specifications of a car and then find out it’s far too expensive to run. Make sure you check the rough costs of running the car you want via a fuel consumption tool.

Tax: Every car has to pay a road tax but depending on the CO2 emissions this can vary from model to model. It’s important to know what band your car sits in using the GOV website before purchase.

Insurance: This is probably the most important factor that can easily get forgotten when you’re buying a new car. Insurance is determined by many factors such as the car’s 0-60mph, horsepower, model type (e.g. sport versus people mover); insurance can often be one of the most expensive mistakes to not look into.

Haggle, always

Last, and by no means least, you should always haggle when it comes to buying a new car. The most important part of this is doing your research. Here are some things you should know before you step into the dealership:

Have a good understanding of the model, engine and specifications you want and what you should be paying.
The price on the window screen is always a starting point.
Always be prepared to walk away. It puts you in a stronger position and you don’t lose anything.

Also, remember: When you’re haggling you have to be reasonable. If you present a ludicrous offer to the dealership on your perfect car, you’re hindering your chances of securing a purchase.

Ready to buy a new car?

If you’ve considered all of the factors concerning your new car and you feel ready to make a purchase, the last thing to consider is your car finance. My Car Credit have a panel of trustworthy lenders that will be happy to discuss your purchase. Start your journey with an application with us today!

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

How Quickly Can You Buy a Car?

5 Best Car Picks for Elderly Drivers

What’s the Best Month to Buy a Car?

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

car buying car buying tips Jan24 new car

Car finance: options and ownership

Pros of car finance:

Cons of car finance:

Personal loan: simple and straightforward

Pros of personal loans:

Cons of personal loans:

Enjoy tailored auto finance with My Car Credit

Rates from 9.9% APR. Representative APR 12.4%

Related articles

Excellent

Good

Fair

Poor

Bad

Require more help?

Understanding the basics of conditional sale

Conditional sale vs hire purchase

How conditional sale works

Why choose conditional sale?

A road to ownership

No balloon payments

Mileage flexibility

Customisation options

Take the wheel with My Car Credit

Rates from 9.9% APR. Representative APR 12.4%

Related articles

Excellent

Good

Fair

Poor

Bad

Require more help?

Hire purchase explanation

How HP agreements work:

Hire purchase explained: a closer look at the benefits

Budget-friendly beginnings

Predictable payments

A road to ownership

Flexibility

New or used

Factors to consider when opting for Hire Purchase

Understand interest rates

Evaluate your budget

Check for early repayment options

Factor in depreciation

Start your journey to ownership with My Car Credit

Rates from 9.9% APR. Representative APR 12.4%

Related articles

Excellent

Good

Fair

Poor

Bad

Require more help?

When it comes to reliable small cars, there are any number to choose from. From the Hyundai i10 and Kia Picanto through to the Ford Fiesta and VW Polo, the market is flooded with practical, affordable cars.

Fiat Panda – the specs

Affordability

Great for urban centres

Design

Practicality

Find car finance for a Fiat Panda

Rates from 9.9% APR. Representative APR 12.4%

Related articles

Excellent

Good

Fair

Poor

Bad

Require more help?

Why pre-order a car?

What are the drawbacks?

Hit the road with car finance

Rates from 9.9% APR. Representative APR 12.4%

Related articles

Excellent

Good

Fair

Poor

Bad

Require more help?